Step 1: Contacting The Edge Home Loans.

A phone discussion with you regarding what your situation is and what your plans are. This will assist the consultant in accurately identifying the best lender for you.

The loan consultant will advise you of all the necessary documentation required for you to bring to your initial meeting.

Meeting with a loan consultant and completing an application form. It is at this time you will provide your loan consultant the documentation previously requested.

During this meeting your consultant will discuss with you your options and what is currently being offered in the market at that time by other lending institutions and why he or she has decided to choose a particular lender for you.

Step 2:  Loan Consultant will Assess Documentation

Your loan consultant will assess all the documentation you have provided, write a proposal and complete the internal paper work to have your loan forwarded to the Lender.

Step 3:  Response

A response is received by the Lender – Conditional approval is received (assuming approval is granted)

Step 4: Valuation

A valuation will be ordered for the property being offered as security for the loan. A valuer will provide a report to the lender ensuring the property is worth the money estimated or the price at which it is being purchased.

Step 5: Formal Approval - Insurer

Formal approval is issued by the Lenders Mortgage Insurer (if required)

Step 6:  Formal Approval - Lender

Formal approval is issued by the Lender. An approval letter is forwarded to your solicitor advising them formal approval has been granted.

Step 7: Lenders Solicitor is Instructed

The Lenders solicitor is instructed – This means they will begin to do all the necessary checks on the property, prepare and issue the mortgage documents. The documents will either be sent to you direct or if you have a solicitor acting for you they will be sent to your solicitor.

Step 8: Signing of the documents.

This may be done by yourself if you do not have a solicitor or generally at your solicitor’s office if you do have a solicitor.

In all purchase situations The Edge Home Loans recommends a solicitor be engaged to act on your behalf for the purchase.

If you are acting for yourself some lenders solicitors will charge you a small fee to assist you with some of the legal process and requirements you would otherwise be unfamiliar.

Step 9: Returning of the documents.

Once the mortgage documents are returned and checked the Lender is ready to settle requiring generally a couple of days notice. It is at this time all parties involved (the vendors solicitor, the purchases solicitor, the outgoing Lender otherwise known as the outgoing mortgagee, the ingoing mortgagee  and agents required and so on) all need to arrange a date suitable to all parties to book a settlement date.

Step 10:  Settlement takes place.

Congratulations you either now own a property or have refinance your mortgage.

Depending on the Lender your loan is established with or on your situation being that either refinancing or purchasing the above stages may vary slightly. However, the above is a good indication as to what and when to expect things to happen given either scenario

The Edge Home Loans will be with you through the entire process. Our job does not finish when your finance is approved. We go on to ensure all stages are completed correctly by all parties involved. This ensures you have a ‘stress free’ experience.

We are here to assist you from the beginning of the process right through to settlement and beyond.